Summary
Barclays Bank has been fined £42 million by the UK’s Financial Conduct Authority (FCA) for not properly checking two clients for potential money laundering risks. The FCA said that Barclays facilitated the movement of money linked to financial crime by offering services to these clients.
Key Facts
- Barclays Bank was fined £42 million.
- The penalty was imposed by the UK's Financial Conduct Authority (FCA).
- The bank failed to check two of its clients properly: Stunt & Co and WealthTek.
- The FCA said Barclays’ actions increased the risk of financial crime.
- The issue involved the potential for money being used in money laundering.
- Barclays has not yet commented on the fine.
